Bitcoin exchange-traded funds are unlikely to be introduced to the stock market in the near future, as the SEC denies bitcoin ETF for the second time in a month.
Bitcoin price dropped just as the SEC unveiled its decision but managed to recover quickly keeping close to $1,200 barrier.
The Securities and Exchange Commission has denied a request to launch the Winklevoss Bitcoin Trust ETF, prompting bitcoin price to fall by 35% within a day.
The price of virtual currency has been climbing as the Securities and Exchange Commission is on the way to approve the first bitcoin exchange-traded fund.
The Securities and Exchange Commission presented a complaint with case details.